On
November 6, voters will decide several Florida
Constitutional Amendments. Supporters of Amendment 4 claim
it will reduce property taxes, create jobs and help
first-time homebuyers. But Amendment 4 should be of
tremendous concern to Floridians because of its potential
for adverse consequences.

Amendment 4 expands the homestead exemption and reduces the
allowable annual increase in assessed values on
non-homesteaded property owned by businesses, real estate
investors and seasonal residents. Even provisions designed
to stimulate housing – such as an additional, significant
five-year exemption for first-time homebuyers – come with
hidden costs. You see, there is no such thing as a free
lunch.

The State forecasts that passage of Amendment 4 will reduce
property tax revenue in Broward County by $12 million in
Fiscal Year 2014, growing to a staggering $41.8 million
annually by Fiscal Year 2017. Remember when you take your
children to the park, visit a library, hop on a bus to get
to work, stop at a traffic light, or rely on emergency
responders during a hurricane – all of these services and
more are funded by property taxes. Property taxes support
public safety and provide a social safety net for our most
vulnerable residents, including children and the elderly.

Just like families, local communities have been hit hard by
the economic recession, and budgets have been further
challenged by unfunded mandates from state and federal
governments. In the past six years, Broward County has saved
more than $400 million, reduced property taxes by 26
percent, eliminated more than 1,800 positions and
implemented other belt-tightening measures.

If Amendment 4 passes, County services must be decreased or
eliminated, or tax rates must be increased, and
non-homesteaded property owners, including snowbirds, real
estate investors and out-of-state first-time homebuyers
enjoy tax breaks, while longtime residents and homesteaded
property owners pay the price. Adding insult to injury, the
benefactors of these tax breaks are free to invest the
dollars from those savings outside Broward County, and even
outside Florida.

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